If you are dealing with overwhelming debt and you are having a hard time paying it off, you might be worried about creditors seizing your assets. Our Los Angeles bankruptcy attorneys explain which assets creditors can take from you if you fail to take action.
Which Assets Can Collectors Take from Me?
Debt collectors can only take money from your paycheck, bank account, or benefits – this is known as wage garnishment. If creditors have already sued you and a court entered a judgment against you for the amount of money you owe, the creditor can take money from your accounts to put towards the debt you owe.
However, the law sets certain limits on how much debt collectors can garnish your wages and bank accounts. Certain federal benefits, such as social security benefits and veterans' benefits, cannot be garnished. Generally, real estate and other forms of property are protected when a creditor is implementing the wage garnishment collection tool.
What Should I Do If Creditors Are Suing Me?
If you get a summons notifying you that a debt collector is suing you, don't ignore it. If you do, the collector may be able to get a default judgment against you and garnish your wages and bank accounts. You should also contact an experienced attorney as quickly as possible to discuss your options.
Dealing with Overwhelming Debt
If your creditors haven’t suited you to collect your debt, it could only be a matter of time. Avoiding your debt problem could only make matters worse. Thankfully, our team at Wadhwani & Shanfeld is here to help you. We have helped over 20,000 individuals across California repair their financial problems and achieve debt relief. Regardless of whether you are facing wage garnishments or you want to fix your financial situation, our team is here to help.
Contact our Los Angeles bankruptcy attorneys today at (800) 996-9932 to schedule a consultation!